Are We Almost There?
Investors traveled a long way in 2013. Interest rates fell to historical, never‐seen‐before lows and have since risen to more normal levels. Gold, the ultimate safe asset, started the year within range of record high levels, only to fall by more than ‐25% for the year. Cautious stock investors were surprised by a
market that climbed over +30%. Finally, the Federal Reserve’s pump was set at full speed to infinity‐and‐beyond, but in late December outgoing Chairman Bernanke announced that Tapering has officially begun. Are we almost there?